Property Claims Department Reviews and Complaints - Bank of America

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Property Claims Department Comments

B of A stated that I would not be gtting reimbursed because the funds were turned over to Fannie mae, Fannie Mae states they never recieved any funds. This bank takes insurance money that is supposed to be used for repairs. I paid my contractor out of pocket and would just assume I have lost that money. I can not get a callback and just lies. I will never do business with this bank ever again and hope that any potential new homebuyers think twice before getting a loan with them. BUYER BEWARE

on 3/7/2011 nj got flooded and my house got flooded inside.
the ins co. was great for process the damages. chk was sent to bank of fukingg america claim dept. renovation was 100% complete. they r giving a runaround to send the chek to the contractor. today is 6/1 we still didn't see this money. this bank is a biggest fraud. everyone should walk away and give back the house to them. so they would the top foreclosure bank.

This complaint is on behalf of Professional Roofing, Inc.
In our business, insurance companies issue funds owed to Professional Roofing to the homeowner(s) we
have a contract with and most times made payable to the homeowner(s) and Bank of America. The
homeowner(s) must endorse the check and mail to Bank of America with several documents for Bank of
America to release insurance proceeds back to the homeowner; so we can get paid. Colorado Statutes
state that the mortgage company MUST release funds back to the homeowner(s) within 10 days and
that they may hold NO MORE than 15% of funds until they complete their own final inspection. Our
contract states payment due upon completion, however we give customers a 10 day grace period.
Bank of America holds funds for un-acceptable and un-lawful amounts of time, causing late fees,
interest and liens to be placed on the homeowner(s); when Bank of America should be responsible for
those additional costs. Bank of America regularly asks for their standard documents (lien waiver, w-9,
notice of completion, ect.) multiple times although we have documentation verifying receipt of these
documents. They will tell us they have all they need and will release funds that week. We call a week
later and get told they need the documents again that they do not have them. Every time we call the
Property Claims Department, we get a different person and most times they will not give me their last
name or their supervisor. Bank of America continues to tell our company and the homeowner(s)
different information every time we talk to them. It is typical for them to hold funds from 60 to 120
days; paying no interest on the funds to our company or the homeowner(s).
The late fees, interest and liens that we MUST proceed with to protect our company, often result in
homeowner(s) becoming angry with us affecting our good reputation. It is unlawful for Bank of America
to hold and profit from these funds, yet that is what they are doing. We urgently request that Bank of
America be investigated for these unlawful practices. During our research we have found that this is
common business practices for Bank of America and there are many people angry with them.
Their business practices are detrimental to our company, our employees and our customers; As
taxpayers we paid money to bail this bank out through our Federal Government and now this same bank
is stealing more money from us.
Please respond to this complaint and let us know this problem will be addressed by your agency and
what we can do to stop these practices. We appreciate being updated on any progress that is made
with this matter.
Thank you.
Daniel J. Cupit
President
Professional Roofing, Inc.

I have never had such terrible customer service as when Ive been dealing with Bank OF America. I keep getting different answers from different people everytime I call the Property Claims Department. I have faxed documents several times and they arent 'found' by them, I have construction guys waiting for thier money for work they have completed on my home, and Bank OF America wont release funds promptly for me! Why cant they wire the check into my account? I pay online for my mortgage with them every month.. but they say they need a paper trail for property claims checks! I think a class action suit is what they need... its costing me and the people I owe more each day.

OMG. We're all in the same boat. We received an insurance check payable to BAC in June 2010. We didn't receive our first disbursement until August. The contractor started work two weeks ago and we've been calling BAC every day since to get funds. They won't release it and now the contractor pulled his guys off the job. I'm frustrated beyond belief!

My residence experience hail storm damage on May 16, 2010. I received an insurance check on May 29, 2010. I mailed the check to BofA Property Claims' CA address May 31, 2010. IB Roofing & Construction replaced my roof by the end of June 8, 2010. Meanwhile BofA loses the check. I waste hours on the phone with BofA Property Claims personnel. I get State Farm to stop payment on the check and to reissue it. BofA still maintain its status on the check and wants me to mail this one to them as well. On June 29, 2010 a BofA Property Claims "supervisor" says that if all the work is completed the check can be endorsed locally. Another staff member promises to mail me the necessary BofA forms to be completed by myself and the roofer. July 12, 2010 I phoned to ask if anything has been mailed to me. I'm told that the inspection has been cancelled by the inspector, that the forms were mailed on July 2, 2010. I hear that the problems are all my fault. Meanwhile I am out over $8,500 out of my own pocket. I only owe BofA $7,200 on my mortgage. These people are frustrating automatons who stick to an old script that has not kept up with today's economy. I've lost patience, weight, money, etc. While they stick to the script, I get more unhealthy by the minute with less money to address my health issues.

We are in the middle of this process. The thing is B of A is giving us the run around on the vendor set up even to the extent of saying "he didn't check a box on the W-9" which seems to be a common thread. Sounds like it is a common excuse they use. Arrgh!

We had a pipe break and flood our entire house while we were out of town Jan 10' State farm was great and sent our check our with BofA also on the check. I contacted BofA the day I made the claim with insurance and asked what the steps were so I could get that taken care of. They said my contractor (that always deals with these types of claims) needed to send in a W9 so he can be set up as a vendor. So he did, he sais he was a solo p. and used with FID number and faxed it over even before insurance had sent us a check. I called BofA to verify that everything was good and they said yes. I overnighted the check to BofA and I called to check on it. They said they didnt receive it until I pulled out my tracking number and said 'it shows here that you received it 3 days ago.' Then they showed that they had received it however they at that time said my contractor filled out the W9 wrong. They said if he is sole p then he can use a FID number but it had to be his SSN. So he then had to fill it out again. 10 or so working days later they are still not sure if he filled it our right. Since this project has been going on for over 2 months I have had to fund our contractor but I am all tapped out. we are over 70% complete and I am not sure that we will get a check anytime soon. Can anyone offer help?

My house burned down in Dec 08. My insurance company took until May to give us a structure settlement, and guess where the check went? BoA. They paid us $86k to get started. No building has been done since Aug 09 because they won't release any more money. I had to fax my building contract 7 times because they kept claiming they never received it. Then after they said they had all the required paperwork to disperse more funds, they denied the claim again saying I never sent them the contractors invoice. They've had it for 2 months, and all of a sudden it disappeared?? I actually went into a BoA banking center and had the manager fax the paperwork AGAIN. They tell me one thing on the phone, notate something different to cover their butts if I question what I was told. I'm scared I'll never see the money and my house won't get finished. They are negligent and there is no one to hold accountable. How do you keep losing my paperwork? How does one rep read to me what I sent over, and the next day a rep tells me it's not in my file??

Our house burned down in October 2009. Our insurance company cannot release the final check to payoff our mortgage until Bank of America signs a Letter of Guarantee stating that they will release the lien once paid off. Every time I call the Property Claims Department each representative tells me a different story than the last one. We have left messages for five or six different people to call us back and they never have. My family is homeless, but they still say that it will take at least 30 days to sign the Letter of Guarantee.